- Grain markets responded positively overnight after the weekly Crop progress report showed that we are possibly farther behind than what most traders originally thought. Corn planting completion is at 6%, which is 8% behind the 5 year average of 14%. Despite the lack of movement so far this spring, there is optimism to catch up this week after rainfall was limited to under 1/10 of an inch in major corn growing areas during the last 18 hours.
- As of 6:32 AM CT: The Dow Jones Index is up 16 points to 16,387, the S&P 500 is still at 1,865 and NASDAQ is up 7 points at 3,559. The US dollar slightly weaker.
- Reports Today: Existing Home Sales will be released at 9:00 AM CT, Cold Storage will be out at 2:00 PM CT and API Energy Stocks will be released at 3:30 this afternoon.
- Today is first notice on May ICE Coffee futures and last trading day on May NY Crude Lt.
- Yesterday’s rains have moved east without causing too much concern for further field work delays. The precipitation will benefit newly planted seeds.
- The latest extended forecast shows windows for planting headway in the 1-5 day, then a wetter overall southeastern Midwest in the 6-10 day.
- South Korea purchased 60,000 MT of US or South American corn.
- Barge availably out of Savage/St. Paul will increase this week as empty boats push north. (Bid 485% for the Balance of April)
- CK/CN is weaker overnight, trading at a 5 ¾ carry.
- First notice day on May futures is April 30th.
- The trade remains focused on short domestic stocks and Asian demand.
- Yesterday there were articles written on possibly more widespread Chinese credit defaults. Processors are losing the equivalent of $100/ton on product handled.
- Trade will watch for overbought Chinese cancellations and more defaulted purchases from processors.
- The SK/SN is steady, trading at a 12 cent inverse.
- Violence was limited yesterday in eastern Ukraine as Vice President Biden visited in attempt to develop a peaceful reconciliation.
- Iraq passed up on a chance to buy 50,000+ MT of wheat.
- Japan is in the market for 108,789 MT of wheat in its weekly purchase.
- Yesterday’s reversal is speculated to have been a result of freeze damage being less apparent than first thought. The CCI ratings were mixed yesterday. HRW dropped 3 points to 290/500 and SRW improved 2 points to 354/500.